by Mish Shedlock, Mish Talk:

Chicago has a budget deficit of nearly $1 billion. Tack on another $2.9 billion for a proposed teachers’ contract plus an unknown amount for firefighters.

Chicago’s Budget Gap

CBS News reports Chicago Faces $982 Million Budget Shortfall for 2025

Mayor Brandon Johnson is projecting a $982 million city budget shortfall for 2025, nearly double the spending gap he faced in his first year in office, thanks to rising personnel costs, drops in some key tax revenues, and expiring one-time budget solutions he relied on to balance the 2024 budget.